Personally, I think the 70-80% number is overly simplistic. It is easy enough to go through your check stubs and figure out what you are really spending and on what, and then to make adjustments for which expenses will he higher in retirement and which will be lower.

This figure is likely to be much more reliable as a planner for retirement than is any fixed percentage of income. One size does not fit all.

Still, if you still have children you are supporting, your expenses can be distorted by those "extra" expenditures. Then the 70 to 80% number might be a reasonable place to begin. It at least gets you started on the road to saving for retirement.

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